HSBC stocks down despite rising profits

<p>Profits rose by nine per cent, but shares have fallen this afternoon.</p>

The share price of HSBC is down today (February 24th), despite the bank announcing a rise in its profits in its latest financial results.

Stocks fell even though the bank revealed that its reported pre-tax profit was $22.6 billion (£13.6 billion), which is a nine per cent increase when compared with $20.6 billion in 2012.

HSBC announced that it increased its bonus pool for staff by six per cent to $3.9 billion for last year, while chief executive Stuart Gulliver received a total pay package of £8 million, which was up from £7.5 million in 2012.

Hong Kong and Asia Pacific were particularly strong areas of growth for the company in the last 12 months, it noted in a statement.

"The group today is leaner and simpler than in 2011, with strong potential for growth," said Mr Gulliver.

However, investors responded negatively to the financial results as shares in the bank fell today. By 15:09 GMT, the share price of HSBC was 3.61 per cent down on the start of the day.

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